Which countries adopted ifrs

The key players are the Securities and Exchange Commission, which is responsible for the supervision and regulation of the securities industry and has oversight responsibility for the FASB; the Financial Accounting Standards Board, an independent body that establishes and interprets U. Back to Top Have any major U. Until the Securities and Exchange Commission issues a rule allowing or requiring U.

Several large multinational corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U. IFRS also contains limited industry-specific guidance. Yet significant differences do remain, most any one of which can result in significantly different reported results, depending on a company's industry and individual facts and circumstances.

GAAP, making write-downs more likely. GAAP generally requires development costs to be expensed as incurred, except for costs related to the development of computer software, for which capitalization is required once certain criteria are met. Conversion to IFRS is much more than an accounting exercise. It will affect many aspects of a U.

As IFRS grows in acceptance, most CPAs, financial statement preparers and auditors will have to become knowledgeable about the international standards. IFRSs required for all banks, permitted for other companies Note No stock exchange in Afghanistan Note No stock exchange in Albania Note IFRSs required for financial institutions, subsidiaries of internationally listed parents, and large companies. Separate IFRS financial statements required for banks listed and unlisted and, starting , for large state-owned enterprises.

IFRSs permitted. IFRSs required in consolidated statements of unlisted banks and credit institutions, permitted for other companies. X Banks since , all others from with restatements of statements at that time. All listed companies and all financial institutions starting Undecided for unlisted banks for only because, for them, comparative IFRS financial statements for are not required.

Brunei Darussalam. IFRSs required in both the consolidated and separate company financial statements of unlisted financial institutions and all large unlisted limited liability entities. Croatia Hrvatska. IFRSs required for all financial institutions and large unlisted companies, permitted for others. Czech Republic. Dominican Republic. Dubai — United Arab Emirates. El Salvador.

IFRSs are required for Government-owned enterprises, newly privatised companies large taxpayers, or 'LTOs' , banks, and insurance companies. IFRSs required in both consolidated and separate financial statements of financial institutions.

IFRSs required for government majority owned, banking, financial institutions, medium and large, and others. IFRSs permitted in both consolidated and separate company statements. IFRSs required for unlisted banks, utilities, brokerage, insurance, government-owned businesses starting Hong Kong.

Yes for companies incorporated outside HK. X Permitted for consolidated financial results only. Note 8. IFRSs permitted in consolidated financial statements except for very small companies.

IFRSs required for all banks, joint stock companies, and other significant public interest companies, including large unlisted companies, extractive industry companies and companies with Governmental ownership.

Korea South. Required for banks , large unlisted starting , and medium-sized unlisted starting New Zealand. IFRSs required for consolidated financial statements of banks, permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs.

IFRSs required in consolidated financial statements of banks and financial institutions, permitted for others. Saudi Arabia. Serbia Republic of. Sierra Leone. Slovak Republic. South Africa. Sri Lanka. Trinidad and Tobago. United Kingdom. Related Projects. See Legal for more information. DTTL also referred to as "Deloitte Global" and each of its member firms are legally separate and independent entities.

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Editorial corrections. IFRS Taxonomy. Supporting consistent application. Work plan. Post-implementation Reviews. Pipeline projects. Open for comment. Better Communication in Financial Reporting.